Fortinet, Inc.: Fortinet Reports First Quarter 2021 Financial Results
Product revenue of $240.7 million, up 25% year over year
Service revenue of $469.6 million, up 22% year over year
Billings of $850.6 million, up 27% year over year
1
GAAP operating margin of 17.1%, down 310 basis points year over year
Non-GAAP operating margin of 24.5%, up 210 basis points year over year
1
Non-GAAP diluted net income per share of $0.81
1
Free cash flow of $263.8 million
1
SUNNYVALE, Calif., April 29, 2021 (GLOBE NEWSWIRE) Fortinet (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the first quarter ended March 31, 2021. We delivered strong revenue and billings growth in the first quarter while investing to increase market share across our existing businesses and drive growth in newer product areas such as 5G, SASE, and SD-WAN, said Ken Xie, Founder, Chairman, and Chief Executive Officer. Fortinet s plat
5G-Enabled Edges of Tomorrow Require Converged Network and Security
Next-generation business challenges require next-generation security solutions built around integration, convergence, adaptability, and performance. 5G is just the tip of the spear.
Digital innovation, work-from-home, the Internet of Things, and other macro-trends have forced nearly every organization to redesign their networks to provide better business outcomes and user experiences. The so-called network perimeter, which was once a narrow point of access at the edge of the network, now extends across the entire IT infrastructure from home offices, branch offices, and enterprise data centers to multiple public clouds well beyond the traditional trusted zone. This fracturing and extension of the perimeter has introduced new requirements across all of the edges that make up the new network the LAN, WAN and cloud.
5G-Enabled Edges of Tomorrow Require Converged Network and Security
Next-generation business challenges require next-generation security solutions built around integration, convergence, adaptability, and performance. 5G is just the tip of the spear.
Digital innovation, work-from-home, the Internet of Things, and other macro-trends have forced nearly every organization to redesign their networks to provide better business outcomes and user experiences. The so-called network perimeter, which was once a narrow point of access at the edge of the network, now extends across the entire IT infrastructure from home offices, branch offices, and enterprise data centers to multiple public clouds well beyond the traditional trusted zone. This fracturing and extension of the perimeter has introduced new requirements across all of the edges that make up the new network the LAN, WAN and cloud.